Wall Street – Washington “Do-Si-Do”
If the SEC prosecuted bank robbers . . . .
–the ones it apprehended would sign a cease-and-desist letter “neither admitting nor denying guilt,” and pay a civil fine of 2¢ for every $1 they stole.
–the bank robbers so chastened would wait six months (maybe) before . . . . robbing more banks.
In truth, ineptitude is really only part of the explanation for why the SEC has largely been AWOL prosecuting the various and sundry misdeeds behind The Crash of ’08.
Much larger factors: 1) being perpetually understaffed, thanks largely to Congressional Republicans; and 2) a revolving door culture where senior SEC staff do a “do-si-do” with Wall Street and Washington law firms and lobbyists.
*P.S.: one more “if the SEC prosecuted bank robbers . . . ” the bank robbers would show up in court with more and better lawyers than the SEC.”